9 ETFs Shed 8,107 Bitcoin Indicating a Sheer Market Slump, Says Lookonchain

The biggest cryptocurrency Bitcoin has recently seen a decline. Lookonchain, a famous platform that provides Web3 data analytics, discloses that 9 exchange-traded funds have decreased up to 8,107 Bitcoin (nearly $478.22 million). On its X account, Lookonchain revealed the decreases made by these ETFs.

9 Bitcoin ETFs Decrease Nearly 8,107 Bitcoin, Signifying a Significant Market Plunge, Says Lookonchain

It mentioned that the prominent ETF Blackrock reportedly decreased up to 638 Bitcoin. This figure denotes a nearly $37.62 million decrease and marks the earliest Bitcoin reduction. In addition to this, another ETF Fidelity also decreased almost 3,323 Bitcoin, equaling $196 million. Apart from that, Grayscale made a decrease of approximately 1,588 Bitcoin, equivalent to $93.66 million.

The list of the above-mentioned 9 ETFs goes on with the inclusion of ARK 21Shares Bitcoin ETF and other such players. ARK reportedly decreased nearly 1,694 BTC tokens. Additionally, Bitwise Bitcoin ETF saw a decrease of 502 Bitcoin. Then comes Valkyrie Bitcoin Fund which saw a decrease of up to 167 BTC. Moreover, Franklin Bitcoin ETF went through a decrease of almost 232 Bitcoin. This huge BTC dumping by the investors raises speculations about the top crypto token’s future progress.

Similar to the rest of the risk assets, BTC appears sensitive to anticipated alterations concerning liquidity conditions. As a result of this, the token experienced a brief price rally to $59,430 with an increase of $2,810 in value. Nonetheless, the bounce was short-lived, pushing the token back to nearly $57,300.

ETF Debut in Hong Kong Worsens the Overall Market Sentiment

Following that, a gradual increase has resulted in BTC reaching the $59,300 mark. On the other hand, the community was quite enthusiastic about the ETF debut in Hong Kong. However, the disappointing volumes at the launch negatively impacted the overall crypto market.